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First time buyer guide
Buying your first home is a huge milestone, but we know it can feel a bit overwhelming. Our step-by-step guide breaks down the process into simple stages, helping you feel more informed and confident along the way.
Applying for a mortgage in principle (MiP)
A mortgage in principle (MiP) shows how much you can borrow from a lender based on their assessment of your personal circumstances. It's all online, takes as little as 10 minutes and doesn't affect your credit score. TSB's mortgage experts can guide you through the process .
How to apply
Get a mortgage in principle in minutes
Apply in as little as 10 minutes
A qualified Mortgage Adviser will then give you a call to go through the details. Subject to status and lending criteria.
Submitting a mortgage application
Once you've had an offer accepted, you've hit a huge milestone. You're now one step closer to buying your first home. Next, it's time to submit your mortgage application.
At TSB we currently offer a range of fixed rate and tracker rate mortgages for first time buyers in England, Scotland and Wales. As a first-time buyer, when you apply for your mortgage with TSB, you could get up to £500 cashback to help with your moving costs.
Its a good idea to check our getting prepared page to make sure you have everything ready to apply. Get clued up on the types of mortgages available before you apply.
Documents you need for the call:
- Proof of identity e.g. passport, driving licence
- Proof of address e.g. utility bill or bank statement
- Proof of income e.g. pay slips, P60, employment contract, self-assessments (if self-employed) and bank statements
- Details of regular outgoings e.g. childcare, loan payments
Types of survey to consider:
What are your current interest rates?
Can you give me an indication of what the mortgage may cost me?
Are there any fees or other charges?
Request a callback today
Our Mortgage Experts can call you back in as little as 30 minutes via video or over the phone.
Tiny tip
Have your documents organised and ready to share. This will make the process smoother and speed up your application.
Should I book an independent survey?
- An independent survey can be helpful to find out more about the property and uncover any potential issues that you might not be aware of
- Get a few quotes online from different accredited companies and compare prices
- In Scotland, the seller will usually provide a Home Report outlining what the property is worth, its condition, the repairs required and its energy-efficiency rating. Home reports aren't a requirement for private sales or new build properties. You can also choose to instruct your own survey as well
Three key questions to ask:
Home Survey Level 2 (also could Homebuyers report ) - suitable for most homes that are in a relatively new and in good condition.
Home Survey Level 3 - a comprehensive survey for older properties giving a full breakdown on the structure and condition of a property. It can be tailored to the property
Find out more ab out survey fees.
Tiny tip
Your mortgage valuation won't assess the entire condition of the property, it's often a good idea to pay for an additional independent survey to identify any issues with the property before you buy.
Choosing a solicitor or conveyancer
The legal work to transfer a property is called conveyancing. If you're buying a property with a mortgage you'll have to find a solicitor to do this for you.
Your solicitor will guide you through the process, speak to the seller's solicitor, liaise with your mortgage lender and the estate agent and make sure you understand the details.
The process of appointing a conveyancer is different in England and Wales than it is in Scotland :
In England & Wales you appoint a conveyancer once your offer is accepted on a property.
They will sort out ownership by:
- Conducting searches to identify any issues with the property, such as local planning or environmental concerns
- Drawing up and exchanging contracts with the seller's conveyancer in England & Wales
- Arranging the payment of Stamp Duty in England and Wales
- Registering the property in your name
In Scotland you appoint a conveyancer before you make an offer on a property, as they are responsible for placing the offer on your behalf.
They will sort out ownership by:
- Conducting searches to identify any issues with the property, such as local planning or environmental concerns
- Drawing up and concluding missives with the seller's conveyancer in Scotland
- Arranging the payment of Land and Buildings Transaction Tax in Scotland
- Registering the property in your name.
In England & Wales you appoint a conveyancer once your offer is accepted on a property.
They will sort out ownership by:
- Conducting searches to identify any issues with the property, such as local planning or environmental concerns
- Drawing up and exchanging contracts with the seller's conveyancer in England & Wales
- Arranging the payment of Stamp Duty in England and Wales
- Registering the property in your name
In Scotland you appoint a conveyancer before you make an offer on a property, as they are responsible for placing the offer on your behalf.
They will sort out ownership by:
- Conducting searches to identify any issues with the property, such as local planning or environmental concerns
- Drawing up and concluding missives with the seller's conveyancer in Scotland
- Arranging the payment of Land and Buildings Transaction Tax in Scotland
- Registering the property in your name.
Key actions
- Review the search results with your conveyancer. They will guide you through this process and should be able to answer any questions you might have
- Address any concerns that arise. Make good use of your conveyancers expertise and make sure you ask about anything you are unsure of or don't understand
Three key questions to ask:
What types of searches are being carried out, and what value do they have?
How long should I expect these searches to take?
What issues could potentially affect my decision to proceed?
Final offer checklist:
- Review the offer's terms with your solicitor or mortgage advisor
- Make sure you fully understand any conditions of your offer
- It's important not to make any changes to your financial circumstances after your offer as it could mean the agreement is no longer valid
- Take time to review the terms of the final offer with your solicitor, and make sure you're clear on all the small print, before you move to the next stage
Three key questions to ask:
Are there any special conditions attached to the mortgage offer?
What happens if there are delays in the purchase process?
When will the mortgage funds be released?
Tiny tip
It's time to start preparing your move! Start by researching moving companies and start comparing the best price. It's good to get organised, to reduce any stress as you get closer to moving day.
